Anglo to auction off DEC's HQ in Boston after mortgage breached

ANGLO Irish Bank is preparing to auction off the former US headquarters of Digital Equipment Corporation (DEC) -- once a major employer in Ireland -- after the owners of the property in the Boston suburbs breached the terms of the mortgage on it.

ANGLO Irish Bank is preparing to auction off the former US headquarters of Digital Equipment Corporation (DEC) -- once a major employer in Ireland -- after the owners of the property in the Boston suburbs breached the terms of the mortgage on it.

Share

Anglo to auction off DEC's HQ in Boston after mortgage breached

Independent.ie

ANGLO Irish Bank is preparing to auction off the former US headquarters of Digital Equipment Corporation (DEC) -- once a major employer in Ireland -- after the owners of the property in the Boston suburbs breached the terms of the mortgage on it.

The 58-acre vacant campus in Maynard, Massachusetts, was acquired in 2000 for an estimated $13m (€12.1m at the time) by a vehicle called 129 Parker Street LLC.

That entity is thought to be partly controlled by businessman John Wolters. He is listed on mortgage documents filed in Massachusetts as a manager of 129 Parker Street LLC.

A fresh mortgage and financing agreement that was signed on March 30, 2007 between Anglo Irish Bank and 129 Parker Street LLC was for the amount of $16.1m (€12m at the time).

Mr Wolters planned to knock down some of the buildings on the DEC campus, which subsequently served as the headquarters for computer maker Compaq after it acquired DEC in 1998 and before it was itself acquired by Hewlett-Packard in 2002. His intention was to construct 100 housing units, as well as a large retail development.

His plans stalled as they were dragged through local-authority hearings and locals objected. A supermarket operator had agreed to anchor the retail part of the scheme.

Anglo Irish Bank recently issued a public notice in the United States, noting that the auction of the property would be held on site on May 3.

The buyer must pay $150,000 in cash or by cheque or cashier's cheque immediately following the auction.

A further deposit, representing 5pc of the purchase price, has to be paid within 10 days and the balance within 30 days of the sale.